Rents for Torch tower drop

Currently, rentals for one-bed apartments have come down to AED100,000 to AED120,000 per annum (pa) from AED110,000 to AED120,000 pa in February.

Asking rents in The Torch in Dubai Marina have fallen between seven and nine per cent in less than a month after a fire broke out in February, according to an analysis carried out by Emirates 24|7.

Currently, rentals for one-bed apartments have come down to AED100,000 to AED120,000 per annum (pa) from AED110,000 to AED120,000 pa in February. As for two-bed units, rates are now between AED130,000 and AED150,000 pa compared to AED140,000-Dh150,000 pa.

Ozan Demir, data & research manager – UAE, Reidin, however, told Emirates 24|7 that after the fire incident they had not observed any significant change on the rental values in the tower.

“The building’s rent price has dropped around 5% since the second half of 2014 in line with location of the building but rentals are on the same levels after fire incident so far. We might see the price change in the following months more clearly.”